{"id":1004086133,"date":"2013-10-31T08:19:08","date_gmt":"2013-10-31T16:19:08","guid":{"rendered":"https:\/\/synd.yardi.com\/?p=206012"},"modified":"2020-04-08T08:09:12","modified_gmt":"2020-04-08T16:09:12","slug":"9-5m-purchase-of-industrial-facility-by-gramercy-property-trust","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/9-5m-purchase-of-industrial-facility-by-gramercy-property-trust\/","title":{"rendered":"$9.5M Purchase of Industrial Facility by Gramercy Property Trust"},"content":{"rendered":"

By Anca Gagiuc, Associate Editor<\/em><\/p>\n

The real estate investment trust Gramercy Property Trust announced the acquisition of an industrial facility in Austin. The transaction went through after the company executed definitive agreements for a private placement of 11,545,200 shares of common equity at $4.11 per share. The Private Placement raised gross proceeds of $47.4 million.<\/p>\n

The Austin building is about 120,350 square feet and was purchased all-cash for the price of $9.5 million. \u00a0The facility is entirely leased through October 2028 by a prominent provider of linen management services for the US health care industry. With a 7.56 percent initial cap rate and an 8.25 percent GAAP cap rate, the year 1 operating income is approximately $717,000 with fixed rent escalations throughout the lease term.<\/p>\n

\"\"<\/a>The industrial Austin market view shows an occupancy rate of 89.3 percent, the highest in the past 12 years. The leasing activity continued on a steady pace in the third quarter, tracking 206, 454 square feet of positive net absorption, shows a CBRE<\/a> report. The warehouse product accounts for 66 percent of the citywide net absorption. Rates are on a rising trend on all product types, but at a limited speed. However, several institutional landlords offer a negotiable rate for projects with high vacancy because the size and term of the prospective tenants influence the rate.<\/p>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

By Anca Gagiuc, Associate Editor<\/p>\n

The real estate investment trust Gramercy Property Trust announced the acquisition of an industrial facility in Austin. The transaction went through after the company executed definitive agreements for a private placement of 11,545,200 shares of common equity at $4.11 per share. The Private Placement raised gross proceeds of $47.4 million.<\/p>\n","protected":false},"author":237,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1578,21742],"tags":[39411,1815],"class_list":["post-1004086133","post","type-post","status-publish","format-standard","hentry","category-austin","category-latest","tag-austin","tag-national"],"acf":[],"yoast_head":"\n$9.5M Purchase of Industrial Facility by Gramercy Property Trust - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/9-5m-purchase-of-industrial-facility-by-gramercy-property-trust\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"$9.5M Purchase of Industrial Facility by Gramercy Property Trust\" \/>\n<meta property=\"og:description\" content=\"By Anca Gagiuc, Associate Editor The real estate investment trust Gramercy Property Trust announced the acquisition of an industrial facility in Austin. 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